Marketsandmarkets: Global Sensors Market for Automotive Applications worth $20.7 Billion by 2016By Marketsandmarkets, PRNE
Thursday, November 17, 2011
DALLAS, November 18, 2011 -
According to a new market research report “Global Sensor Market for Automotive Applications (2011 - 2016) [www.marketsandmarkets.com/Market-Reports/automotive-sensors-market-426.html]“ published by MarketsandMarkets (www.marketsandmarkets.com), the total automotive sensor market is expected to reach $20.7 billion by 2016 at a CAGR of 7.4% and the volume of e-waste generated is expected to reach 4513 million units in 2016 from 2667 million units in 2011 at a CAGR of 11.1%.
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In modern automobiles, numerous types of sensors fulfill many important tasks ranging from engine performance and passenger safety to comfort and vehicle dynamic behavior. The need for sensors is continuously growing. Earlier, sensors were analog devices that had very few applications in automobiles; but today’s sensors mainly utilize digital technology; which means better in efficiency and sensing performance. For example, on an average, in engine control applications, the number of sensors used has increased from approximately ten in 1995 to more than thirty in 2010. Future of automotive sensor is highly dependent on sensor technologies such as MEMS sensor, wireless sensor, radar, and many more; out of which MEMS (Microelectromechanical Systems sensors) is the most promising sensor technology. It is about to rule the automotive sensor world.
The revenue for the automotive sensor market [ www.marketsandmarkets.com/Market-Reports/automotive-sensors-market-426.html ] is expected to grow from $14.5 billion in 2011 to $20.70 billion by 2016 at a CAGR of 7.4% from 2011 to 2016. The volume of sensors used for automotive applications is currently estimated to be 2667 million and is expected to rise up to 4513 million units at a CAGR of 11.2% from 2011 to 2016.
The automotive sensor market is triggered due to a lot of factors. For automotive sensor market, worldwide vehicle production, technology developments, customer taste and government mandates are acting as a driver; whereas pricing issues, high expectations from automotive OEMs, and no availability of aftermarket are acting as restraints. The increasing demand of Advance driver assistance systems (ADAS) and hybrid and electric vehicle are the future opportunities for automotive sensors.
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